A new functionality and data set in Defaqto Matrix will show providers which elements of an insurance product are most important to consumers based on their demographic and personal circumstances.
The new Customer Appeal module is available now via Defaqto’s Matrix platform and will deliver real value and practical use to Providers by offering a new depth of understanding about consumer preferences.
As the UK’s most trusted source of financial product and market intelligence, Defaqto has worked with a broad range of its general insurance customers to ensure that the new module brings greater insight into customer requirements.
The new component will show the relative importance that different customer profiles place on the product features within car, home and travel insurance propositions
Access to the Customer Appeal module will support Providers in evidencing the process that went into designing their products for their particular target markets
This will be a welcome addition to the 4,000+ bespoke reports Providers produce each month using Matrix to support Product Design, Marketing and Governance
The enhanced research capabilities will also support providers to meet guidelines relating to both Consumer Duty and Fair Value Assessments. Reports will show a deeper level of insight whilst products can be benchmarked against key competitors and the wider market. Reports can also be automatically scheduled to refresh each month or each quarter.
The new module supports three key areas of general insurance; Car, Home and Travel insurance.
Customer Appeal data is informed by an annual nationally representative survey of over 6,000 consumers, who are asked at length about the policy features that are most important to them in these three areas of insurance. The data is extensively analysed by Defaqto across a significant number of varying demographics and factors.
These include age, gender, social grade, location, employment and marital status. Within each product area there are also further data breakdowns including: car age and previous claims in motor; house type and value in buildings insurance; pets and house size in contents insurance; and holiday length of travel.
Brian Brown, Head of Insight & Consulting (Banking & GI) at Defaqto, says: “This new module brings a new level of data analysis to providers to truly tailor the best products for consumers, based on people's individual needs and circumstances, while not falling foul of Consumer Duty.
“For example, using Customer Appeal data, we can see a disparity between what consumers say they want and what they likely need, which has major implications for providers in the new regulatory climate.”
Defaqto Matrix helps insurance providers to see how products stack up against each other. As the largest financial product database in the UK, it contains 43,000 financial products and 4 million product features, across general insurance, life and protection, retail banking, and wealth management and is updated daily.
With a wealth of information, Matrix makes it easy and efficient to find insight and inform product recommendations for customers. With extensive filter options and benchmarking within the system, providers can access what they need and undertake crucial analysis of data in just a few clicks.